RIYADH: Retal Urban Development Co. intends to join the initial public offering boom on Saudi Arabia’s stock exchange with an initial share sale of a 30 percent stake, the company said in a bourse statement.
The company aims to float 12 million shares on Saudi Arabia’s main stock market, TASI, the financial advisor of the offer, SNB Capital said in a statement.
The statement added that the final offer price will be determined upon completion of the book-building period.
“This marks a significant milestone in the growth trajectory of our business and a key step towards further solidifying our leading position in the Saudi real estate sector,” said the company’s board chairman, Abdullah Al-Fozan.
“Our potential listing comes at an exceptionally exciting time as we continue to make remarkable strides towards opening up to the world, creating new opportunities, and elevating the lifestyle of every Saudi family as part of the Vision 2030,” he added.